Financial Daily: US tech stocks collectively retreat, global central banks remain on hold, is the market awaiting new signals?

- Focus

– The European Central Bank, Bank of England, and Bank of Japan decided to keep interest rates unchanged

– Trump stated that he has advised Israel not to attack Iran's energy facilities. Israeli Prime Minister Netanyahu said he will comply with Trump’s request to temporarily halt attacks on energy facilities.

– According to a Reuters report: Qatar's Energy Minister stated that Iran's attacks have paralyzed 17% of Qatar's liquefied natural gas export capacity, potentially threatening supplies to Asia and Europe.

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- Stock Market

[US Market] Slight decline in the three major US stock indexes

After Trump advised Israel to pause strikes on energy facilities and Israeli Prime Minister Netanyahu agreed, oil prices fell sharply, narrowing the losses for US stocks throughout the day. The three major US indexes closed slightly lower, with market sentiment improving somewhat.

At the close, the S&P 500 Index fell 0.27% to 6,606.49 points; the Nasdaq Index dropped 0.28% to 22,090.69 points; the Dow Jones Industrial Average declined 0.44% to 46,021.43 points. The VIX panic index fell 4.07% to 24.07 points. US sector ETFs showed mixed performance, with energy, banking, oil & gas, and chip sectors strengthening.

The index of the seven tech giants in the US fell 0.86%, with all components declining. Tesla dropped more than 3%, NVIDIA and Microsoft fell over 1%, Amazon and Microsoft dropped over 0.5%. The Nasdaq Golden Dragon China Index fell 1.00% to 6,945.39 points. Among popular Chinese stocks, Canadian Solar plunged 27%, Alibaba dropped 7%, Baidu fell over 2%, while Atour gained 4%. Regarding individual stocks, Circle fell 3.44%, Taiwan Semiconductor dropped 0.24%, and Micron Technology declined about 3.7%.

[European Market] Major European national indexes fell by over 2% on Thursday

On Thursday, major European national indexes generally fell by over 2%. At the close, the pan-European STOXX 600 Index fell 2.39% to 583.64 points. The pan-European STOXX 50 Index dropped 2.14% to 5,613.83 points.

The German DAX 30 Index fell 2.82% to 22,839.56 points; the French CAC 40 Index dropped 2.03% to 7,807.87 points; the UK FTSE 100 Index declined 2.35% to 10,063.50 points.

[Asian Market] Asian stocks plummeted on Thursday, with Japanese and Korean indexes falling by over 2.5%

Asian stock markets plunged on Thursday, with Japan and South Korea's indices dropping over 2.5%. By the close, the Nikkei 225 fell 3.38% to 53,372.53 points, while Japan's TOPIX index dropped 2.91% to 3,609.40 points. The KOSPI in South Korea declined 2.73% to 5,763.22 points.

[Hong Kong Market] Hong Kong's three major indices all closed higher.

Hong Kong stocks were weak on Thursday, with all three major indices falling over 1.5%. By the close, the Hang Seng Index dropped 2.02% to 25,500.58 points, the Hang Seng Tech Index fell 2.19% to 4,996.28 points, and the Hang Seng China Enterprises Index declined 1.58% to 8,695.88 points. In terms of sectors, tech stocks performed poorly, with Tencent Holdings plunging over 6.8% due to weaker-than-expected earnings, Alibaba closing down 4.14%, and Baidu Group falling over 3%. Xiaomi bucked the trend with a gain of more than 3%. New energy vehicle stocks generally weakened, with Leapmotor, Li Auto, and Nio each declining over 1%. Non-ferrous metals and precious metals also weakened, with Zijin Mining falling over 7%, leading declines among Hang Seng Index constituents, while Luoyang Molybdenum and Laopu Gold both dropped over 5%.

[A-share Market] All three major A-share indices closed lower, with the Shenzhen Component Index dropping over 2%.

The A-share market opened lower and continued to decline, with all three major indices closing lower. The Shenzhen Component Index fell over 2%, and the Shanghai Composite Index briefly dropped below the 4,000-point mark during trading. By the close, the Shanghai Composite Index had fallen 1.39% to 4,006.55 points, the Shenzhen Component Index dropped 2.02% to 13,901.57 points, and the ChiNext Index fell 1.11% to 3,309.10 points. Regarding sectors, the oil and gas sector strengthened due to military actions in the Middle East affecting energy facilities, with Shouhua Gas surging over 13%, Blue Flame Holdings hitting the daily limit, and shares of China National Offshore Oil Corporation, PetroChina, and Sinopec all closing higher. The computing power leasing concept remained active following the previous trading day, with Tongniu Information surging by the 20% daily limit, Lotus Holdings and Meili Cloud rising over 10%. Precious metals, non-ferrous metals, and energy metal sectors saw significant declines.

– Bonds

[US Bonds] US Treasury yields remained relatively stable.

US Treasury yields remained relatively stable. In late New York trading, the yield on the 10-year US Treasury note fell 1.57 basis points to 4.2493%, while the yield on the two-year note rose 1.74 basis points to 3.7924%.

[Non-US Bond Markets] European government bond yields generally increased, with the two-year UK bond yield rising over 20 basis points.

European government bond yields generally rose on Thursday, with the two-year UK bond yield increasing over 20 basis points. By late European trading, the yield on Germany's 10-year bond rose 2.2 basis points to 2.962%, the UK 10-year bond yield climbed 10.5 basis points to 4.843%, and the UK two-year bond yield jumped 20.9 basis points to 4.404%. France’s 10-year bond yield rose 3.8 basis points to 3.642%.

[China Bond Market] Government bond futures rose across the board on Thursday.

Government bond futures rose across the board on Thursday. By the close, the 30-year main contract was up 0.10%, the 10-year main contract gained 0.07%, the 5-year main contract increased 0.06%, and the 2-year main contract rose 0.03%.

– Foreign exchange

The US dollar declined, with the ICE US Dollar Index falling by approximately 1%.

The US dollar weakened; in late New York trading, the ICE US Dollar Index fell by about 1%, to 99.38 points, while the Bloomberg Dollar Index dropped around 0.7%, to 1,205.14 points.

The US dollar weakened significantly against most major currencies, with the Japanese yen, British pound, and euro rising more than 1%.

The US dollar weakened significantly against major global currencies, with the Japanese yen, British pound, and euro all rising over 1%. In late New York trading, the US dollar fell 1.37% against the Japanese yen to 157.68 yen. The euro rose 1.16% against the dollar to 1.1586 dollars, the British pound gained 1.31% against the dollar to 1.3431 dollars, and the Australian dollar increased 0.90% against the dollar.

The offshore Chinese yuan exchange rate stood at 6.8782 yuan per US dollar.

In late New York trading, the offshore Chinese yuan exchange rate increased by 222 points compared to the previous trading day’s close, reaching 6.8782 yuan per US dollar. Meanwhile, the onshore yuan appreciated by 6 points relative to the prior session’s closing price, ending at 6.8873 yuan per US dollar.

Cryptocurrency markets initially fell but later rebounded, with Bitcoin declining approximately 1.1%.

On Thursday, cryptocurrency markets initially fell before recovering, with Bitcoin dropping below $70,000 during trading. Bitcoin decreased by about 1.1%, settling just above $70,000, while Ethereum fell around 2%.

– Product

US crude oil futures reversed earlier gains to trade lower.

Following news that Israel agreed to a US request to temporarily halt strikes on energy infrastructure, oil prices trimmed their gains. On Thursday, US crude oil futures reversed earlier gains to settle down 0.18% at $96.14 per barrel.

Precious metals continue their downturn, with gold prices falling over 3% for two consecutive trading days.

Precious Metals:Gold prices fell over 3% for two consecutive trading days. Spot gold dropped 3.42% to $4,653.01 per ounce in New York trading; US gold futures fell 4.86% to $4,657.80 per ounce.

Metals Futures Market:Precious metals extended their decline, with silver futures dropping over 6%. Spot silver fell 3.33% to $72.85 per ounce, while US silver futures declined 6.29% to $72.840 per ounce. US copper futures rose 0.46% to $5.5240 per pound, and spot platinum fell 2.54%.

[Disclaimer]

The content above is provided by Harbor Family Office (hereinafter referred to as "Harbor Family Office"), sourced from market information gathered from various channels. Neither Harbor Family Office nor its group members participated in preparing the content, nor did they explicitly or implicitly endorse or approve it. This article is for reference only and does not constitute any investment or trading advice. Investment involves risks. Readers should independently evaluate and judge this information and are advised to consult professionals before making any investment or trading decisions. Without authorization, no one may reproduce, copy, or publish the content in whole or in part to the public in any manner. Copyright belongs to Harbor Family Office and relevant providers.

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